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Personal Finance Payment Types
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) Which of the following payment types require you to pay upfront?
A
All of the above
B
Money order
C
Cashier's check
D
Pre-paid card
2) Which of the following is true?
A
Checks and Debit Cards both withdraw money directly from a bank account.
B
Checks are the most widely accepted form of payment
C
Debit Cards often have a higher interest rate than Credit Cards
D
Debit cards offer the highest level of fraud protection
3) Which of the following statements comparing debit cards to credit cards is TRUE?
A
Debit cards never require a signature to finalize a purchase like credit cards
B
Debit cards allow you to draw funds directly from your checking account
C
Debit cards charge higher interest rates on purchases than credit cards.
D
Debit cards typically offer greater fraud protection than credit cards.
4) Which of the following is NOT true of credit cards?
A
They are the best payment type to use when trying to stick to a budget.
B
You can be charged a fee if you are late making a monthly payment
C
Some offer rewards, like cash back or airline miles
D
They offer the highest level of fraud protection.
5) Which payment method typically charges the highest interest rates?
A
Credit cards
B
Cashier's checks
C
Payday loans
D
Pre-paid cards
6) Which of the following tells you how much your credit card interest will be if you only pay the minimum balance each month?
A
Late Fee
B
Annual Membership Fee
C
Balance Transfer Fee
D
Annual Percentage Rate
7) Which payment type can help you stick to a budget?
A
Debit cards
B
Payday loans
C
Cash advances
D
Credit cards
8) Which of the follow will happen if you miss a monthly credit card payment?
A
You lose reward points
B
You will be charged a late fee
C
Your APR will increase the next month
D
Both A and B
9) If you are planning to carry a large balance on your credit card, which of the following credit card features should you look for?
A
Low APR
B
Low balance transfer fee
C
A large credit limit
D
Lots of credit card rewards
10) What is a credit limit?
A
The required payment to your credit card company.
B
The maximum amount you can charge each billing cycle.
C
The amount of interest you are charged each month.
D
How many credit cards you can own.
*select an answer for all questions
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